Monday, February 15, 2010

Prices of Dubai flats to fall by 20 percent: Landmark Advisory

Landmark Advisory, the leading property consultancy firm, has revealed that sale prices of flats, apartments and offices in Dubai will continue to fall through first quarter of 2010, due excess supply, with the apartment prices likely to take the biggest hit with a decline as much as 20 percent during the next 18 months.

Following the increase seen during the third quarter of 2009, villa prices in Dubai also stagnated with a marginal increase of 0.2% during the fourth quarter.

The prices of apartments dropped 4.3percent in Q4, similar to the 3 percent decline in Q3. The sale and leasing transactions in the commercial sector also remained low during the fourth quarter, with an average decline of 5.1 percent in sale prices, while the average office rents declined 8.4 percent.

The report said that average rents in Dubai are likely to fall, as there is excess residential supply at a time when there is weak demand fundamentals.

1 comment:

Apartment Inspection said...

Thanks for all the great information about flat rates in dubai. I do appreciate this information.